Some of my clients live at home but can no longer physically manage a trip to the grocery store. As a result, they often entrust an aide or a friend with money or access to credit. Sadly, those arrangements have frequently led to betrayal, and my clients have had money stolen and their credit cards used for unauthorized purchases. Some…
Winter Home Listings Equal Lower Prices
As a probate attorney for the past decade, I’ve been involved in somewhere between one and three home sales every year. The biggest lesson I’ve learned is not to list a home during snow and ice season! Here in Montgomery County, winter runs from Thanksgiving through the first full week in March. Few prospective buyers bother shopping during this season.…
A Joint Owned Bank Account Is not Yours Alone
Many people add friends or family members to their bank accounts for convenience or to avoid probate. But, when circumstances change, and the original account holders want to regain sole ownership of their accounts, they are shocked to learn they cannot. Many people add friends or family members to their bank accounts for convenience or to avoid probate. But, when…
Helpful Phone Numbers
When an older parent has sold a home or is preparing to move, who do you call to change services in the DC metropolitan area? Here is a list of a few numbers to have on hand so you can call and make the necessary changes to the accounts. Electricity: PEPCO 202-833-7550 or BGE 800-685-0123Gas: Washington Gas 800-752-7520Water: WSSC 301-206-4001Verizon:…
Maximizing Your Social Security Payout
You can start drawing Social Security benefits any time between the ages of 62 and 70. The longer you wait to start, the greater your monthly benefit. If you start at age 62, you get about 75% of your retirement benefits; and if you wait until age 66, you get 100%. But if defer for the maximum period, until age…
Why you shouldn’t be concerned about the Federal Estate Tax
The federal estate tax is also sometimes known as the “death tax”. This is a federal tax imposed upon estates in which the assets total greater than $5.43 million for individuals who are single at the time of their death. No death taxes are imposed on estates where a person leaves all assets to a surviving spouse. Surprisingly, the federal…
What happens if you die before you sign your will. Who gets what?
People frequently wonder what will happen if they die intestate – that is, without a will. Don’t worry, the state has written a will for you, but it just may not be the one you want. The following is a summary of that state-authored will: • If you are married and have children under the age of 18, your…